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PROJECT TOPIC: CO-INTEGRATION AND ERROR-CORRECTION MODELLING OF AGRICULTURAL EXPORT TRADE IN NIGERIA: THE CASE OF COCOA

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Cocoa has been a leading agricultural export commodity and major source of foreign exchange earnings and economic development in Nigeria over time (Olayide, 1969; Olayide & Olatunbosun, 1972; Olayemi, 1973; Ajayi & Oyejide, 1974; Abang, 1984; Olalekun, 1985; Falekulo, 1985, Abang & Ndifon, 2002; Nkang et al., 2006). As the number one commodity in the agricultural export list in Nigeria’s, its production, domestic consumption and exports have remained a central concern of government and importing countries alike. Recently the Presidential Initiative on Cocoa in Nigeria held a Cocoa Stakeholders Forum in Calabar, Cross River State to deliberate on the state of the cocoa sub-sector and to reach consensus on the way forward for the cocoa industry. Although advanced importing countries have increasingly been dependent on other natural substitutes of cocoa butter (the major semi-finished product from cocoa beans) such as palm kernel Olein and palm kernels Stearin and coconut fat, etc., the unique chemical composition of pure cocoa butter remains unbeatable, thus cocoa remains an important agricultural export in the world (see for example, American Palm Oil Council, 2006).


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